Corteva (NYSE:CTVA) Reaches New 1-Year High – Here’s What Happened

Corteva, Inc. (NYSE:CTVA)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $73.99 and last traded at $73.74, with a volume of 576185 shares changing hands. The stock had previously closed at $72.43.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CTVA shares. Morgan Stanley lifted their price target on Corteva from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. The Goldman Sachs Group initiated coverage on Corteva in a research report on Thursday, March 13th. They issued a “buy” rating and a $71.00 target price for the company. UBS Group raised their price objective on Corteva from $74.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Citigroup boosted their target price on shares of Corteva from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Oppenheimer restated an “outperform” rating and issued a $75.00 price target (up from $72.00) on shares of Corteva in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.92.

Corteva Trading Up 2.2%

The firm has a 50-day moving average of $65.54 and a 200 day moving average of $62.49. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $50.51 billion, a price-to-earnings ratio of 57.43, a PEG ratio of 1.68 and a beta of 0.75.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.25. The company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. As a group, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva’s dividend payout ratio (DPR) is presently 41.46%.

Institutional Investors Weigh In On Corteva

A number of institutional investors have recently added to or reduced their stakes in CTVA. Capital World Investors grew its holdings in Corteva by 2,874.6% during the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company’s stock worth $729,780,000 after acquiring an additional 12,381,436 shares during the period. Nuveen LLC acquired a new position in shares of Corteva in the 1st quarter worth approximately $640,333,000. Independent Franchise Partners LLP raised its holdings in shares of Corteva by 51.5% in the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company’s stock worth $939,641,000 after purchasing an additional 5,604,838 shares in the last quarter. Norges Bank acquired a new stake in Corteva during the fourth quarter valued at approximately $251,892,000. Finally, Raymond James Financial Inc. bought a new stake in Corteva during the fourth quarter worth approximately $161,052,000. 81.54% of the stock is currently owned by institutional investors and hedge funds.

About Corteva

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.